How Much Is Boat Insurance in Michigan?

How Much Is Boat Insurance in Michigan?
Photo by Marc Wieland

You might be interested in finding out how much boat insurance costs in Michigan, especially if you’re in the market to buy your first boat.


Boat insurance prices vary significantly depending on the type of boat, what area of the state you live in, and what kind of coverage you choose.

Therefore, it is essential to do your research and shop around to find the best deal. 

Michigan boasts more than 11,000 lakes and some 1,500 miles of coastline, making it an ideal place to own a boat.

If you’re planning on buying your first boat or are looking to add another to your existing fleet, it’s essential to research and understands how much it will cost you to insure that new vessel.

So, how much is boat insurance in Michigan? Here are some tips on how much boat insurance costs in Michigan.

Factors That Affect Your Boat Insurance Cost?

Right Company

It’s essential to make sure you’re dealing with a reputable company. Make sure you do your research when shopping for boat insurance.

Please search for reviews of any companies you’re considering; it’s easy to find customer comments on sites like Google or Yelp. 

You can also find out whether your potential insurer is an accredited member of organizations like the Better Business Bureau or the American Specialty Insurance Association.

A long list of good references is also a good sign that you’ll be dealing with a professional, trustworthy agency.

The American Watercraft Association also offers lists of reputable marinas and brokers, which can help put you in touch with quality companies near where you live or want to do business.

Types of Coverage

In general, boat insurance covers your vessel against accidental damage, theft, and weather-related disasters.

The type of coverage that’s right for you depends on your boat, where you live, and how you intend to use it.

Deductibles and Premiums

When looking for boat insurance quotes, always consider deductibles and premiums. You’ll have to pay deductibles before your boat insurance policy begins to kick in. Tips are how much you’ll have to spend annually for your coverage. 

Higher deductibles or lower premiums typically mean lower monthly payments but higher costs overall. It all depends on your budget and what kind of protection you want.

It might be wise to opt for low monthly payments but high deductibles if saving money is a priority. 

Deductibles are a standard part of most boat insurance policies. They require policyholders to pay out of pocket for certain expenses before any claim payments come from an insurer.

It would help if you chose a deductible based on how much money and time you’re willing to spend on repairs. 

For example, a $500 deductible is typically less expensive than one at $1,000 but will force policyholders to cover more out-of-pocket costs when filing claims.

Make sure you understand what each type of insurance covers so you can make informed decisions and get exactly what you need most out of a policy.

Discounts Offered by Companies

While not always required, discounts often attract customers to certain companies. For example, one company may offer a discount if you add a teenager as an additional driver to your policy.

Another company may offer a discount if you pay for your entire policy upfront. Regardless of which discounts you choose, it’s essential to find out which are available when shopping around for quotes and coverage options. Remember: Discounts offered by companies are often a great way to save on boat insurance.

However, don’t forget that some types of discounts come with requirements (such as being referred by someone).

They must be met before you can take advantage of them. Find out any applicable requirements before choosing or using these types of discounts.


One of the main factors that affect your insurance costs is location. This refers to where you keep your boat when it’s not in use and how often you use it.

For example, a storage garage at a marina or docking facility will cost more than a driveway at home or a spot at an inland marina. 

Similarly, if you plan on using your boat regularly, you can expect higher rates than if you are only planning on taking it out for weekend fishing trips.

Lastly, some states require vessels to carry additional insurance coverage for drivers with poor driving records (in general). Rates may vary slightly by the insurer but should be similar across different companies if all other variables are kept equal.

How Much Is Boat Insurance in Michigan?

How much is both insurance in Michigan? In Michigan, it ranges between $1000 and $3000 depending on the above-listed factors. 

Although it’s tempting to go for cheap insurance, you’ll get what you pay for. You should probably figure on spending between $1,000 and $3,000 annually. This is for adequate boat coverage if you live anywhere in Michigan with low insurance requirements.

What Boat Insurance Discounts Can I Get?

When comparing boat insurance quotes, you should consider all your available discounts. Many boat insurance companies offer a range of boat insurance discounts.

For example, some companies provide value for drivers with clean driving records, and others give discounts to boaters who install safety devices on their boats. 

The best thing to do is make sure you know what discounts are available and be ready to ask your agent about them when comparing quotes.

Just remember, it’s always a good idea to shop around when you’re looking for boat insurance; after all, getting multiple free quotes is easier than ever!


When asking “how much is boat insurance in Michigan,” ask your insurer which companies they use to secure coverage. If they don’t give a straight answer (or don’t know), consider shopping around.

If it helps your negotiating position, remind them that many other providers offer low-cost policies in states with high liability requirements. 

Whatever you do, don’t skimp on insurance. This could be more expensive than you think!

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